Cyprus will almost certainly need a bailout from its eurozone partners if tougher spending cuts and tax hikes are not taken right now, the country's Finance Minister warned on Friday 18 November. Kikis Kazamias says his ministry is looking to freeze government workers' salaries for two years and save a total €355 million as part of an approach to prevent the country from joining Greece, Ireland and Portugal in seeking a bailout. He also wants to introduce a scaled surtax on private sector salaries above €2,500 monthly and an additional levy of 0.5% on domestic company turnover. The newly proposed measures are on top of a €840 million austerity package.
English: http://www.lasvegassun.com/news/2011/nov/24/eu-cyprus-financial-crisis/
via http://www.labourstart.org/cgi-bin/show_news.pl?country=Cyprus
This article was published in the Collective Bargaining Newsletter. It aims to facilitate information exchange between trade unions and to support the work of ETUC's collective bargaining committee. For more information, please contact the editor Maarten van Klaveren, Amsterdam Institute for Advanced Labour Studies (AIAS) M.vanKlaveren@uva.nl. or the communications officer of the ETUI, Mariya Nikolova mnikolova@etui.org. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net. © ETUI aisbl, Brussels 2011.